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20110701
20110731
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WUSA (CBS) 1
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CBS
Jul 25, 2011 6:30pm EDT
. >> reporter: larry kanor red says the treasury faces a big $22 billion social security payment on august 3. but recent tax revenues have come in $14 billion higher than expectd. >> in other words, the treasury on august 2 is going to have more cash on hand than what it looked like before. therefore they'll be able to make that big social security payment on august. >> reporter: at most that gives the government one more week. can they go right up to the 11th hour here. >> there's a big cost going to the 11th hour because you start to spook the markets. >> reporter: ric mishkin points out when congress at first rejected the tarp financial rescue package in 2008 the dow plummeted nearly 800 points that day. >> boy, was it a disaster. when you go to the last minute and you're basically saying, you know, don't assume that we have responsible adults, well, that actually has huge, huge costs. we've seen this happen before. let's hope it doesn't happen now. >> reporter: economists say the risk of a default is remote, but the risk of a new recession is very real. if america has to slash its spendi
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